NetApp gains as investors digest AI infrastructure push and cloud partnership expansion

NetApp (NTAP) is up 6.6% today. Here is some analysis on what might have caused this price movement.

Analysis: The move appears tied to investor enthusiasm around NetApp’s broad AI infrastructure announcements at its late-September INSIGHT event, especially new products and partnerships that deepen its role in large-scale AI and cloud workloads. The rally was likely reinforced by the company’s strong first-quarter fiscal 2027 results from September 2, which included record revenue and sharply higher full-year guidance.

Details:

NetApp introduced Novus, a new storage architecture built for AI factories that it says is designed for up to 100 TB per second of aggregate throughput and higher GPU utilization.

NetApp also announced a strategic collaboration with Supermicro to deliver jointly validated AI infrastructure solutions spanning enterprise deployments, neoclouds, and sovereign AI initiatives.

Another announcement launched a planned OCI-native managed storage service with Oracle, aimed at helping customers migrate and run AI and enterprise workloads in the cloud using NetApp ONTAP capabilities.

Earlier, NetApp reported first-quarter fiscal 2027 revenue of $2.03 billion, up 30% year over year, and raised its full-year outlook to $7.975 billion to $8.225 billion in revenue with non-GAAP EPS of $9.73 to $10.03.

Sources:

NetApp, NetApp Investor Relations, ITPro

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$NTAP Insider Trading Activity

$NTAP insiders have traded $NTAP stock on the open market 27 times in the past 6 months. Of those trades, 0 have been purchases and 27 have been sales.

Here’s a breakdown of recent trading of $NTAP stock by insiders over the last 6 months:

GEORGE KURIAN (CEO) has made 0 purchases and 8 sales selling 140,000 shares for an estimated $28,152,574.
CESAR CERNUDA (President) has made 0 purchases and 8 sales selling 52,072 shares for an estimated $8,191,170.
DEEPAK AHUJA has made 0 purchases and 2 sales selling 6,976 shares for an estimated $1,374,185.
GERALD HELD sold 7,132 shares for an estimated $1,283,760
THOMAS MICHAEL NEVENS sold 5,940 shares for an estimated $1,159,547
ELIZABETH M O'CALLAHAN (EVP, Chief Admin. Officer) has made 0 purchases and 6 sales selling 6,000 shares for an estimated $926,940.
LORENZO DANIEL DE (VP, Controller & CAO) sold 275 shares for an estimated $33,000

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

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$NTAP Hedge Fund Activity

We have seen 475 institutional investors add shares of $NTAP stock to their portfolio, and 407 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

JANE STREET GROUP, LLC added 2,380,592 shares (+28401.2%) to their portfolio in Q2 2026, for an estimated $368,420,417
CITIGROUP INC removed 1,765,740 shares (-46.8%) from their portfolio in Q2 2026, for an estimated $273,265,922
BEUTEL, GOODMAN & CO LTD. removed 1,717,086 shares (-47.1%) from their portfolio in Q2 2026, for an estimated $265,736,229
JPMORGAN CHASE & CO added 1,580,284 shares (+inf%) to their portfolio in Q2 2026, for an estimated $244,564,751
SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. added 1,355,607 shares (+inf%) to their portfolio in Q2 2026, for an estimated $209,793,739
AMERIPRISE FINANCIAL INC removed 1,323,487 shares (-22.1%) from their portfolio in Q2 2026, for an estimated $204,822,848
BLACKROCK, INC. removed 1,006,506 shares (-5.1%) from their portfolio in Q2 2026, for an estimated $155,766,868

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$NTAP Price Targets

Multiple analysts have issued price targets for $NTAP recently. We have seen 11 analysts offer price targets for $NTAP in the last 6 months, with a median target of $170.0.

Here are some recent targets:

Jim Kelleher from Argus Research set a target price of $200.0 on 06/01/2026
Erik Woodring from Morgan Stanley set a target price of $137.0 on 05/29/2026
Mehdi Hosseini from Susquehanna set a target price of $185.0 on 05/29/2026
Matt Bryson from Wedbush set a target price of $150.0 on 05/29/2026
Nehal Chokshi from Northland Capital Markets set a target price of $171.0 on 05/29/2026
Aaron Rakers from Wells Fargo set a target price of $180.0 on 05/29/2026
Amit Daryanani from Evercore ISI Group set a target price of $170.0 on 05/29/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.